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The priority of this study is to contribute to the literature by examining herding behavior at different periods of the COVID-19 pandemic. Furthermore, this study aims to investigate the herding behavior conditioned on market liquidity and information demand.

This study investigates herding behavior in Vietnam's stock exchanges (Ha Noi Stock Exchange and Ho Chi Minh Stock Exchange) on a sample of daily stock closing prices of 425 firms from 2018 to the first half of 2022.

The research confirms the existence of herding behavior not only for the whole but also during and post-COVID periods. These results are robust in both bull and bear markets, further confirming the influence of COVID-19 on herding in Vietnamese background. Moreover, when the authors condition exogenous factors for each period, the herding tendency is more evident at the medium market liquidity level than at high and low levels. Besides, the pandemic causes herding behavior of investors with low and medium information demand.

These findings imply some recommendations that facilitate investors, policymakers and researchers in the context of the COVID-19 crisis.

The study contributes to the herding literature by examining herd behavior during the post-COVID period, suggesting the long-term impact of the health crisis. Furthermore, the research provides new evidence of herding behavior conditioned on market liquidity and information demand during different COVID sub-periods.

During the COVID-19 pandemic, mass media play a vital role in containing the outbreak of the virus by quickly and effectively delivering risk communication messages to the public. This research examines the effects of risk communication exposure on public understanding and risk perception of COVID-19 and public compliance with health preventive measures.

Data from Vietnam during COVID-19 social distancing and path analysis model are used for empirical analysis.

This analysis finds that exposure to risk communication in mass media encourages public compliance directly and indirectly through the mediating roles of public understanding and risk perception. Further investigations also find that exposure to risk communication in both online media and traditional media facilitates public compliance. In addition, exposure to risk communication in online media only raises public risk perception, whereas exposure to risk communication in traditional media only raises public understanding.

This research implies that traditional and online media should be combined to increase the efficiency and effectiveness of government risk communication work.

This research is among the first attempts that examine the role of mass media (both traditional and online) in enhancing public compliance with preventive measures directly and indirectly through the mediating roles of public risk perception and understanding.